President Donald Trump’s newly enacted One Big Beautiful Bill Act cements much of the 2017 tax overhaul and layers on a series of targeted incentives for households and businesses. The law, signed on 4 July, makes the lower individual income-tax brackets and enlarged standard deduction permanent while raising the basic exemption from estate, gift and generation-skipping transfer taxes to $15 million per person—$30 million for married couples—from 2026, with future inflation adjustments. Several temporary breaks take effect in 2025. Taxpayers aged 65 and over receive an additional $6,000 deduction that phases out above $150,000 in modified adjusted gross income and expires after 2028. Workers in traditionally tipped occupations can deduct up to $25,000 of reported tips, and employees may deduct as much as $12,500 of overtime pay ($25,000 for joint filers) during the 2025-28 window. Interest on loans for cars assembled in the United States becomes deductible again, up to $10,000, subject to income limits. For higher-earning households, the cap on the state-and-local-tax deduction jumps from $10,000 to $40,000 for filers with MAGI below $500,000. The threshold rises by 1 percent a year until 2029, before reverting to the prior $10,000 ceiling in 2030. At the same time, most residential clean-energy incentives lapse at the end of next year, narrowing the menu of green tax credits. Entrepreneurs gain from an enlarged Section 1202 regime: stock in qualified small businesses issued after 4 July 2025 benefits from phased-in capital-gain exclusions—50 percent after three years, 75 percent after four and 100 percent after five. The per-issuer gain cap increases to $15 million and the asset-size ceiling to $75 million, both indexed from 2027. Opportunity Zone incentives are also prolonged and broadened. Law firms and advisers are running briefings as the Treasury and IRS prepare technical guidance. Companies will need to update payroll and reporting systems ahead of the 2025 filing season, while individuals may wish to revisit withholding and estimated-tax calculations to capture the new deductions.